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  • Swing Trade Idea – June 23, 2021

    Jun 23, 2021 Uncategorized Comments Off on Swing Trade Idea – June 23, 2021

    Market View

    World markets are mixed with USA mixed, Europe red, Japan green, Hong Kong green, China green and Asia mixed. Yield curve is slightly flatter. US dollar is slightly lower which is a positive for equities and commodities.  USA large cap markets are flat and the small cap index is slightly negative. S&P500 and Russel 2000 are above the expected move for the week which can limit the upside. Nasdaq100 is below the top of the expected move but is very extended short term on the volume profile.  Statistically it’s more likely for the indices to move sideways to down into the end of the week. Today’s macro news is USA PMI, new home sales and more Fed speakers.  A hot PMI may lift yields and reignite the inflation trade (e.g. financials) and soften tech; converse true. Top sectors are bitcoin (bounce after breakdown), China growth stocks (including Evs), gold/silver miners and energy. FAANGMT are positive premarket. MSFT and AAPL are above the expected move so less upside expected in these names, watch the other FANGMT names if they want to continue to run them. MEME stocks are in play again today, CLOV, RIOT, XPEV and NIO are some to watch. Should be a quiet open, pay attention at 10am when the PMI is released.

    Stocks to Watch

    Earnings INFO WGO

    Indices /BTC KWEB GDX SLV EEM GLD XLE XME ARKQ SLX ICLN IWM TLT XLI SPY

    S&P500 HBAN URI F KEY OXY FCX PH CARR ICE NEM FTI HAL APA ETSY SLB TSLA HSIC XRAY CCL LIN NCLH VIAC TTWO HSY

    Movers CLOV XPEV PTEN SCR KBH LI DRNA HP NIO CLNE CARR NTNX WGO TECK VAC UWMC EYES PDCO OSW SDC SOLO

    WSB CLOV RIOT CLNE  NIO SNDL F WISH GME MVIS ARVL CLF BARK SOFI TRCH SENS PLUG WKHS OCGN AMC BB 

    Stock Idea; NTNX

    NTNX develops cloud based software. Stock made a large move Tues on comments from the CEO that the company is on the path to profitability. Today’s catalyst is an upgrade to $61 by Needham. Stock is strong in the premarket. Premarket high is 40.29 for a momentum breakout.  One can look for a pullback after the open for a long. Caveat is the Nasdaq is extended and 10am PMI can lead to a rate move which can affect tech.

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